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The Cou::cil then proceeded to consider such bids. <br />After the bids had been considered and discussed, member <br />Lease introduced the following resolution <br />and moved its adoption: <br />RESOLU^SON ACCEPTING BID ON SALE OF <br />$155,000 GENERAL OBLIGATION IMPROVEMENT <br />BONDS OF 1975 AND <br />PROVIDING FOR THEIR ISSUANCE <br />BE IT RESOLVED by the Council of the City of <br />Hugo, Minnesota, as follows: <br />1. That the bid of Piper, Jaffray & Hopwood, Inc. <br />to purchase $155,000 General Obligation Improvement Bonds of <br />1975 of the City, in accordance with the notice of bond sale, <br />at the rates of interest hereinafter set forth, and to pay <br />therefor the sura of $ 152,000.00 ( plus a premium of 0 ) <br />is hereby found, determined and declared to be the most <br />favorable bid received, and is hereby accepted and said <br />bonds are hereby awarded to said bidder. The City Clerk <br />is directed to retain the deposit of said bidder and to <br />forthwith return the good faith checks or drafts to the <br />unsuccessful bidders. Said bonds shall be payable as to <br />principal and interest at The First National Bank of Saint Paul, <br />in St. Paul, Minnesota <br />or any successor -Paying Agent duly appointed by the City. <br />2. The $155,000 negotiable coupon general obliga- <br />tion bonds of the City shall be dated December 1, 1975 and <br />shall be issued forthwith. Said bonds shall be 31 in number <br />and numbered from 1 to 31, both inclusive, in the denomin- <br />ation of $5,000 each. Said bonds shall mature serially, <br />lowest numbers first, without option of prepayment, on <br />March 1 in the years and amounts as follows: <br />$15000 in each of the years 1978 to 1986, <br />both inclusive; and <br />$20,000 in the year 1987. <br />3. Said bonds shall provide funds for the construc- <br />tion of street and storm sewer improvements in the City. <br />The total cost of said improvements, including the cost of <br />construction under the terms of the lowest bid received, <br />engineering, legal and other professional charges, publi- <br />cation and printing costs, interest accruing on money <br />borrowed for the improvements before the collection of <br />special assessments levied therefor, and all other costs <br />necessarily incurred and to be incurred from the inception <br />to the completion of the improvements, is estimated to be at <br />least equal to the amount of the bonds herein authorized. <br />Work on the improvements shall proceed with due diligence to <br />completion. <br />- �1- <br />